Big Health, a San Francisco, CA- and London, UK-based digital therapeutics company dedicated to mental health, raised $75m in Series C funding.
The round was led by new investor SoftBank Vision Fund 2, with participation from ArrowMark Partners and existing investors Octopus Ventures, Gilde Healthcare, Kaiser Permanente Ventures (KPV), and Morningside Ventures. In conjunction with the funding, John Cassidy, Investment Director, Life Sciences & HealthTech at SoftBank Investment Advisers, will join the Big Health Board of Directors.
The company intends to use the funds to further accelerate commercial growth and product strategy, and to launch six new digital therapeutics by 2024.
Led by Co-Founder and Chief Executive Officer Peter Hames, and Executive Chairman Arun Gupta, Big Health is a digital therapeutics company that expands access to care, including behavioral medicine, integrating across the care pathway, from member engagement to billing via pharmacy benefit managers. Through clinical evaluation, Sleepio and Daylight – the company’s first two digital therapeutics for insomnia and anxiety, respectively – are proven to provide effective non-drug alternatives for the most common mental health conditions without requiring a prescription or intervention from coaches or clinicians. To ease adoption for payers and patients alike, the company gives the ability to bill through the PBM, enabling employers and health plans to add Big Health to their formulary and pay for their use via a drug claim, which is the same way they pay for medications.
It has over 10 million covered lives globally, 13 randomized controlled trials evaluating its approach, and more than 28,000 participants across all evidence studies. In October 2021, the company announced an expanded relationship with the Scottish Government to provide all Scottish adults access to Sleepio and Daylight through their NHS services, making Scotland the first country in the world to make digital therapeutics for anxiety and insomnia available nationally. The company has partnered with CVS Health since 2019 to simplify reimbursement for digital therapeutics.